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Life Insurance Corp. of India raises stake in Vijaya Bank

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Life Insurance Corp. of India raises stake in Vijaya Bank

Life InsuranceCorp. of India has raised its stakein Vijaya Bank to 14.50%from 7.19%, The Hindu Business Line reportedMarch 29.

The insurer subscribed to around 73.4 million shares in VijayaBank at an issue price of 30.75 rupees per share, aggregating to 2.26 billion rupees.

Following the preferential issuance, the government's stake inthe bank was reduced to 68.23% from 74.06%.

As of March 29, US$1 wasequivalent to 66.44 Indian rupees.